Who is a reputable Forex broker?… There are quite a few reputable forex brokers in the industry. From a retailer presepective , it is always best to choose a ECN/STP broker.
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.
So how will you know that your broker is ECN/STP or not ?
1. Check their regulation license , go to the regulation site and look at your brokers registration, you can know what license your broker has, whether he is only STP or he is a market maker.
2. ECN wont offer insane leverage like 1:500 1:1000
3. ECN wont offer bonus.
4. They wont offer fixed spread, the just pass your order to market , so there will be slippage . (Yes for True ECN slippage will be there)
5. Before depositing look at the company profile, read their year end report, if they are listed in any exchange then it is a big plus.
6. Do a google search, look for their reviews, there can be fake reviews too , but over all you can get a picture about the broker.
7. If all the above is there, nothing can beat the personal experiance, so deposit a small amount try the broker for couple of week, check during news time whether platform is freezing or not , check their withdrawals , if everything is good then deposit big.
8. Some brokers claim they are no.1 based on trading volume, ( but most of their volume comes from institutional traders, the fill retail traders orders to them, so it a BIG NO to choose a broker by their volume for retail traders)
Some good ECN brokers which I have tried myself:
IC (but not listed- good for scalping) , Pepperstone , Btfx (Listed – good for serious traders) , Tickmill (not listed- scalpers and newstime trading )
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In this vast Forex industry, it is hard to find a reputable forex broker since this industry is growing with leaps and bounds which has increased the number of scams. Besides this, to get thyself go on board with forex trading, one need to have a reliable platform and that comes from an honest and reliable broker.
Various things should be kept in mind before selecting a forex broker:
Regulation- regulated by regulators like FCA, ASIC etc.
Spread
Commission structure
Trading terminals
Customer support
Deposit and Withdrawal methods
Range of products offered
Along with this, do read the reviews at various forums which will give you a better picture of the broker.
There are some very good brokers currently on the market. A few that I have used are
Etoro – exceptional user friendly system
Easy Forex – great customer service
Plus 500 – very user friendly
FXCM – reliable
You can select the broker by checking their regulation.
You have to check whether the brokerage firm is regulated under any central bank or not, for that check their regulated license in bottom of their website or any part of their website.
Then Verify the licence number in Central bank Website.
I have personally traded with these FOUR BROKERS
HOT FOREX
INSTA FOREX
ROBO FOREX
ETORO
Other brokers i heard that are genuine but never traded with them
ONANDA
FXCM
ALPARI
Interactive Brokers (Nasdaq:IBKR),US based.
S&P Rating: BBB+/Stable/A-2
Financial Strength
When placing your money with a broker, you need to make sure your broker is secure and can endure through good and bad times.
The financial statements of Interactive Brokers LLC are available on their website for your review.
Interactive Brokers LLC and its affiliatesare owned by IBG LLC.
Interactive Brokers Group, Inc. (IBG Inc.) and Interactive Brokers Group LLC (IBG LLC) are a corporate group, whose subsidiaries are an automated global electronic market maker and broker.
It is headquartered in Greenwich, Connecticut and has offices in Budapest, Chicago, Hong Kong, London, Montreal, Mumbai, Shanghai, Saint Petersburg, Sydney, Tallinn, Tokyo, and Zug.
The IB Group was founded in 1994 by its Chairman and CEO Thomas Peterffy, and consists of subsidiaries operating on most major stock, option, futures, forex, bond, ETF and CFD exchanges worldwide. On May 3, 2007 the company issued 40,000,000 shares (approximately 10 percent of the capital of IBG LLC) in a public offering, at a price of US$30.01 per share under the NASDAQ ticker symbol IBKR.
IBG’s largest subsidiary is Interactive Brokers LLC (IB), a US broker-dealer formed in 1993, and the largest US electronic broker, based on number of daily average revenue trades.
IBG’s other major subsidiary is Timber Hill LLC, a US market maker formed in 1982.
About 11.5 percent of IBG Inc. is public, while the remainder is held by employees; Thomas Peterffy is the largest shareholder.
IB is regulated by the U.S. Securities and Exchange Commission, the U.S. Financial Industry Regulatory Authority (FINRA, the New York Stock Exchange (NYSE), the U.S. Financial Services Authority (SFA) and foreign regulatory agencies
The company owns 40 percent of the futures exchange OneChicago, and is an equity partner and founder of the Boston Options Exchange.