Best Forex Brokers

XM

FxPro

IronFX

XM FxPro IronFx

Trading Point Holdings Ltd

FxPro Financial Services Ltd

Iron Fx Global Limited

Minimum deposit: $5

Minimum deposit: $500

Minimum deposit: $500

Online Since: 2012

Online Since: 2007

Online Since: 2010

XM Review

FxPro Review

IronFX Review

How to choose a Forex Broker?

To be a profitable Forex Trader, you need 4 things: learn forex strategies, learn stock market psychology, optimal money management and a reliable Forex Broker. Forex traders usually pay attention to acquire different profitable forex strategies. However, they focus less on money management and market psychology. Besides, they don’t deal with the thing at all to find the proper Forex Broker. This is a big mistake, because an unreliable Forex Broker can ruin even the work of the traders. To choose a trusted Forex Broker, it needs a great attention. You have to consider several aspects, these are the next:

When the Forex Broker was founded?
There are a lot of Online Forex Brokers, which were founded annually. Unfortunately, these companies are not really trustful nowadays. Because of this, it’s worth to choose from the old, well-functioning Forex Brokers. Important viewpoint: that there are a lot more information and opinion about the old companies than about the new companies on the internet. That is why, traders can measure more carefully an older company before a bigger investment.

Where is the headquarter of Forex Broker?
Many Forex Brokers were founded in offshore countries. The recommendation of these companies is limited by the forexwonders.com. Of course, there are also such companies which choose a so-called offshore country as their headquarter, because of the more favourable tax conditions. If the headquarter of the company is in an offshore country, register only in that case if it is on the market at least 3 years ago.

“Dealing Desk” or “No Dealing Desk”?
In general, a “No Dealing Desk” Broker is more reliable than a “Dealing Desk” Broker, but it’s not always so typical. There are reliable ones among the “Dealing Desk” Brokers as well. The costs of a Dealing Desk Broker are usually lower, as a result can ensure lower spreads to its customers. Usually, at the Dealing Desk Companies the min deposit limit is lower. In the cases of No Dealing Desk Companies, the minimal deposit can be often hundreds or thousands of Dollars. The success of a trader is not depend on whether chooses Dealing Desk or No Dealing Desk Broker. The point is that the company has to be reliable in the long run.

Spreads and Costs
Obviously, the low spread is more favorable than the high spread. Although those companies, which ensure a little bit higher spreads, generally function more safely. It’s worth to register only on that forex broker, where there are not hidden costs and fees. The hidden costs and incorrect businesses are the characteristics of newer and less reliable brokers.

Deposit/Cashout
In the case of every online forex broker, you have the chance to choose from several payment methods. These are the next: bank wire, credit card/debit card, check, Skrill, Neteller, Paypal, etc. These can be different in each company. At the beginning, some people invest a great amount of money to their forex businesses. However, there are traders who want to begin their forex businesses with lower investments. It is important to them, how much is the minimum deposit. You can check in the table above, how much is the minimum deposit in the case of which broker. It’s definitely not worth start trading with less then $100. According to many professionals, the recommended starting capital is min $1000.

Demo Account
There is a chance to open a free demo account at many forex brokers. It’s a great opportunity to beginner traders to practise. The demo account is suitable to test a new forex strategy. If you start dealing with trading seriously, then you will meet a lot of forex strategies on the internet. Many professionals and unfortunately many amateurs try to make money from selling different online forex strategies. Before trying a strategy on your real account, definitely test it on your demo account. The demo account is used to try anything freely, without risk.

Support
It’s important that the support of the forex broker should be available by telefon, live chat and e-mail. The support should be fast. Answers must be correct. On each online forex broker’s website there are “About us” or “Terms and conditions” or something similar menus. Read it carefully, know the broker where you are trading. You will get answers to many questions and so don’t have to call the support unnecessarily. In general, English Support is the most prepared and the fastest.

Finally, avoid cheater forex brokers!
There are a lot of unreliable forex brokers, who don’t pay to the profitable traders. There are other forex brokers who use unethical tricks in order to get the traders’ money. Such a trick, for example “stop hunting”, which is used by a lot of unethical brokers.

Recommended Forex Brokers

The forexwonders.com recommend only the best forex brokers. Whether smaller or bigger amount of money you want to invest, you find the proper broker in the table above. We are monitoring the brokers included in the list regularly and are checking the finance background of the companies carefully. You can find detailed reviews about all the forex brokers recommended by us.

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