Top 10 Forex Brokers (Honest and Objective Review)

Honest and Objective Review for Top 10 Forex Brokers – The retail forex market is so competitive that just thinking about having to sift through all the available brokers can give you a major headache.

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Choosing which forex broker to trade with can be a very overwhelming task especially if you don’t know what you should be looking for.


Which is The best Forex Broker in The World ?… 

This is not a correct question.

Asking what is the best Forex Broker is like asking who is the prettiest woman in the world 🙂

What we need to do is to define what is BEST

For some people it could be the cheapest, for others it is the one with the nicest trading platform…and for some it could be as simple as availability of PayPal.

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Also, note that licenses are important so it is best for you to trade with a broker that operates under a TRUSTED license in your country.


The Qualities You Should Look For When Picking a Broker

In this section, we will discuss the qualities you should look for when picking a broker.


The first and foremost characteristic that a good broker must have is a high level of security. After all, you’re not going to hand over thousands of dollars to a person who simply claims he’s legit, right?

Fortunately, checking the credibility of a forex broker isn’t very hard.

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There are regulatory agencies all over the world that separate the trustworthy from the fraudulent.

Below is a list of countries with their corresponding regulatory bodies:

United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
Australia: Australian Securities and Investment Commission (ASIC)
Switzerland: Swiss Federal Banking Commission (SFBC)
Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
France: Autorité des Marchés Financiers (AMF)
Canada: Autorité des Marchés Financiers (AMF)

Before even THINKING of putting your money in a broker, make sure that the broker is a member of the regulatory bodies mentioned above.



No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs.

Every single time you enter a trade, you will have to pay for either the forex spread or a commission so it is only natural to look for the most affordable and cheapest rates. Sometimes you may need to sacrifice low transaction for a more reliable broker.

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Make sure you know if you need tight spreads for your type of trading, and then review your available options. It’s all about finding the correct balance between security and low transaction costs.



Good forex brokers will allow you to deposit funds and withdraw your earnings hassle-free.

Brokers really have no reason to make it hard for you to withdraw your profits because the only reason they hold your funds is to facilitate trading.

Your broker only holds your money to make trading easier so there is no reason for you to have a hard time getting the profits you have earned.

Your broker should make sure that the withdrawal process is speedy and smooth.

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In online forex trading, most trading activity happens through the brokers’ trading platform.

This means that the trading platform of your broker must be user-friendly and stable.

When looking for a broker, always check what its trading platform has to offer.

Does it offer free news feed? How about easy-to-use technical and charting tools? Does it present you with all the information you will need to trade properly?


The Bottom Line

Well, I think you should always think about your money’s safety first. Sure, the brokerage has to be regulated, well respected, with low transaction costs, with easy deposits and withdrawals, friendly platform, etc., etc.

But there’s one thing people forget:

  • January 15 2015, the day the Swiss National bank decided to remove the CHF floor.

That day EUR/CHF moved thousands of pips down then thousands up!

The result: clients of well respected, regulated, low transaction cost, (etc.) brokers saw their balances drop into negative territory.

In other terms, they owed money to the broker! Since that day (although I didn’t have open trades and didn’t lose anything), I dont trade with brokers that don’t have Negative Balance Protection.

So, to answer your question: you should choose a broker that offers you that type of protection.

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If you dont want to do that, at least search the major regulatory authorities (FCA, CySEC, etc.) for their name and see if they are regulated.

So… There is no best of the best broker,… best brokers, or Top 10 Forex Brokers.

One thought on “Top 10 Forex Brokers (Honest and Objective Review)

  • Each trader will have different needs and so this is not a one size fits all type of answer.

    You may be a scalper where tight spreads are your primary concern, or you may be a long term trader and interest carry may be of more concern to you.

    So there are alot of different questions that you must ask to fit the best broker match for your particular situation.

    But aside from that, there are a few universal things that you must look at in determining the reputation of a forex broker.

    Here is a few important things to look for when selecting a forex broker:

    • Regulatory Compliance – Check to make sure that the forex broker is licensed to do business and regulated by an official government agency. For example, in the USA, the CFTC and NFA are regulatory bodies that are tasked with overseeing Forex Brokers.
    • Data Security Infrastructure – You must ensure that the broker has the necessary security in place to prevent hacks and potential DDOS attacks, which could jeopardize your account and sensitive personal information.
    • Trade Execution – There are Brokers that act as Market Markets which are referred to as Dealing Desk Brokers, and others that are ECN brokers that allow you access directly to the Interbank market quotes. ECN brokers will typically charge a commission and offer direct spreads while Dealing desk brokers will add a markup to the spreads.

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