Best 100 Forex Brokers - Top 100 Forex Brokers Online

BROKER	MIN DEPOSIT	BONUS	RATING	MORE
	5 USD	100%	★★★★★	Details
	5 USD	$30 No-Deposit Bonus*	★★★★★	Details
	1 USD	10%	★★★★★	Details
	10 USD	30%	★★★★★	Details
	200 USD	N/A	★★★★★	Details

Best 100 Forex Brokers are listed by payment methods, spread, trading platform, account type.

Choose the Best Forex Brokers Online

The forex broker space has become super-competitive in recent years, with hundreds of platforms now offering their services to UK traders. On the one hand, this is great for you as a trader as it gives you the opportunity to choose a broker that meets your individual trading needs. However, knowing which platform to sign up with is not only challenging but time-consuming.

As such, below we have listed the most important metrics that you need to look out for when choosing an online forex broker.

🥇 Regulation

The first factor that you need to look out for when assessing the credentials of a new broker is whether or not it has the legal remit to accept UK traders. As we noted just a moment ago, all UK-based brokers must hold a trading license from the FCA.

This ensures that the platform is operating within the realms of UK and EU legislation. This also ensures that you are accustomed to a number of regulatory safeguards, such as the segregation of client funds and the FCA’s Investor Protection Scheme.

🥇 Deposits And Withdrawals

You also need to consider what deposit and withdrawal options are available at your chosen broker. This starts at the very offset with the account funding process. Most forex brokers will allow you to deposit funds with a UK bank account, albeit, it can take a few days before the transfer is credited.

If you’re looking to deposit funds instantly and thus – start trading straight away, it might be best to use a broker that supports debit/credit cards or an e-wallet like PayPal.

🥇 Trading Commissions

Although a number of forex brokers operating in the UK trading space allow you to buy and sell currencies on a commission-free basis, this won’t always be the case. If you’re using an established broker, it’s likely that you will be charged a variable rate on every trade that you make.

For example, if the forex broker charges 0.2% in trading commissions, and you purchase £1,000 worth of GBP/USD, then you will pay £2. If you then closed your GBP/USD trade when it was worth £1,200, you would again be charged 0.2% – which would amount to £2.40 in commission.

🥇 Spreads

While we are on the subject of fees, you also need to make some considerations about the spread. For those unaware, this is the difference between the ‘buy’ and ‘sell’ price of your chosen forex pair. The spread is determined by the number of ‘pips’ in between the buy and sell prices, and it will have a direct impact on your ability to make a profit.

For example, if the spread of EUR/USD was 2 pips, this means that your trade would need to increase in value by at least 2 pips just to break even. As the spread is one of the most important metrics to look out for when choosing a new broker, we’ve listed a quick example below to clear the mist.

1. You are trading GBP/USD at your chosen forex broker
2. The ‘buy’ price is 1.3100
3. The ‘sell’ price is 1.3104
4. As the spread is determined in pips, we need to look at the last digit of both prices
5. In this example, the difference is 4, meaning that the spread on GBP/USD amounts to 4 pips

🥇 Number Of Forex Pairs

This particular factor might not be overly relevant if you have a tendency to stick with a single trading pair like GBP/USD or EUR/USD. In fact, some of the most successful forex traders in the space will niche-down to a single currency pair, rather than attempt to diversify across multiple markets.

With that being said, if you are the type of trader that wishes to access heaps of different forex pairs, you’ll be best off choosing a broker that has an excellent selection of majors, minors, and exotics. You can assess this via the broker’s website without needing to open an account.

🥇 Trading Tools

On the one hand, fundamental news analysis is super important in the forex space. For example, when the UK voted to leave the European Union, this had a highly detrimental impact on GBP. However, technical analysis – which is the process of analyzing historical pricing trends, is equally as important.

As such, you should choose a forex broker that offers lots of technical indicators within its trading suite. At a minimum, this should include the following:

• Average Directional Index (ADX)
• Bollinger Bands.
• Ichimoku Kinko Hyo (AKA Ichimoku Cloud)
• Moving Average Convergence Divergence (MACD)
• Parabolic Stop and Reverse (SAR)
• Relative Strength Index (RSI)
• Stochastic

🥇 Customer Support

Newbie traders often overlook the importance of customer support. After all, there might come a time when you need assistance on account-related matters. As such, you should stick with brokers that offer heaps of contact channels – such as live chat, email, and telephone support.

Moreover, it is also useful if the customer service team operates on a 24/7 basis to mirror that of the forex trading industry. The final icing on the cake is when forex brokers have a public presence on social media.