Forex trading features at the top of the list of ways to make money online in 2020. There are millions upon millions of people seeking to make a profit out of the forex markets. Before we dive into discussing the top forex brokers of 2020, let’s elaborate what forex trading is. Forex trading is still a completely new concept in many parts of the world despite it being decades old.
Forex trade, in simple terms, can be described as the exchange of currency with an aim to make profit. It is a form of trading like any other, only that one currency is exchanged for another instead of exchanging goods and services. The currency in demand is the product in this case.
Forex trading had for long been a preserve of large banks, corporations, and hedge funds. It was their preserve because it was a business that required large amounts of liquidity. The internet revolutionized forex trading though. It made it possible for individuals to take part as well. As an individual trader, you have to use a forex broker to access the global financial markets.
Direct access to the global financial market requires a lot of liquidity that individual forex brokers might not have. The main role of forex brokers is to consolidate similar trades and execute them on the market as one large trade. The main small trades placed by individual trader, when consolidated, can make one big trade that can be executed on the forex market.
The question now is what is the best forex broker, and how to choose the best forex broker. Now that we have a pretty good idea of what forex brokers do, follow along as we explore what we believe are the best forex brokers of 2019. The table below compares the various three forex brokers that are our top choices.
|Broker||Minimum deposit||Minimum Spread||Currency Pairs|
|FXTM||10||0.1 pips||57||1st Choice|
|IQ Option||10||5 pips||29||2nd Choice|
|Forex.com||50||0.97 pips||50||3rd Choice|
Having options is always a great thing. FXTM is a fantastic option for forex traders around the world. It does not come second to any broker. It is always there among the top forex brokers, and that’s because its services are some of the best in the industry. FXTM is one of the most wide-spread forex brokers thanks to the great trading platforms and conditions it offers. There is no doubt that FXTM is the best forex broker in Australia. It is also the the best forex broker in Malaysia.
Before we carry on with the chit chat, let’s deliver a proper introduction of FXTM.
Forextime LTD is a company registered in Cyprus in 1998. That’s over two decades ago. It started offering forex brokerage services in 2001, and has grown in leaps and bounds ever since. In fact, FXTM has always been one of the pace and standard setters in the forex industry. Most of the individual forex trading scene as we know it today has been made possible by FXTM among others.
All these factors should tell you that FXTM is the forex broker that every other forex trader would want to work with. Let’s validate that by exploring the aspects that make FXTM such an amazing forex broker.
Here we go!
FXTM Trading Accounts
FXTM has an exciting list of trading accounts. Once you are on FXTM’s trading platforms, you realize immediately that you are in for a treat. FXTM has two tiers of trading accounts, and there are three trading accounts under each one of them. Here are the FXTM trading accounts.
- Cent account
- Standard account
- Shares account
The standard accounts have one thing in common. The spreads and commissions that you trade with are fixed. That means that you are certain of the risk level and possible profit at the time you are taking a position. Standard accounts also have significantly low minimum deposits. The cent account, is accessed by depositing a minimum of $10, while the standard and shares account is accessed when you deposit a minimum of $100.
- ECN Zero account
- ECN account
- Pro account
ECN accounts are the opposite of standard accounts. The spreads and commissions on ECN accounts can vary. It means that traders can tweak their positions to vary the spreads as the trade carries on. This practice is largely seen as a preserve of experienced forex traders. The minimum deposits required for the ECN accounts also point to trading accounts that are designed for traders with large trading balances.
The ECN Zero account will need you to deposit at least $200. The ECN accounts attracts a minimum deposit of $500, and the pro-account will require you to deposit a minimum of $2500. While these minimum deposits are significantly high, they are quite fair as compared to what other brokers ask for, for their premium accounts. FXTM is one of the best forex brokers with demo accounts 2019.
FXTM Regulation, Reputation and Trust
FXTM has an amazing reputation. There are few forex brokers that are as reputable as FXTM. The first proof that FXTM is a forex broker you can trust is its regulation. FXTM is a regulated forex broker, and its trading certificates gives it the mandate to operate in a lot of countries around the world.
As mentioned earlier, FXTM is from Cyprus. That means that its primary regulator is CySec (Cyprus Securities and Exchange Commission). FXTM has trading certificates from FCA (Financial Conduct Authority) and ESMA (European Securities and Market Authority). That means that FXTM is allowed to operate all around Europe. FXTM has operations in a lot of countries across continents, with several exceptions for various different reasons.
Far from the certifications and regulations, FXTM has proven itself to be a trustworthy forex broker in many ways. You’ll look forever if you are seeking one negative comment about FXTM on the internet. FXTM has a stellar reputation among the forex brokers who have had the privilege to trade on it in the past.
FXTM Customer Service and Support
We’ve mentioned above that FXTM is a highly trusted forex broker. One of the reasons traders have so much confidence in FXTM is the kind of trading support it offers. You have to realize that forex brokers have only one role, to connect you to the forex markets. It is not their responsibility to ensure you are making profit from your trading exploits. However, FXTM goes a mile further to provide trading support in one form or the other. FXTM provides support in the form of market reports, trading tips, and account managers.
We must also mention that FXTM customer service department. FXTM’s customer service ensures that any trader who runs into challenges while trading it taken care of in the shortest time possible. FXTM’s customer service is available around the clock, and they respond to communication quite swiftly. You can always be certain that you’ll have a seamless experience while trading on FXTM.
FXTM is a forex broker that has cemented its name among the great. Regardless of what happens in the futures, FXTM will always be one of the pioneer forex brokers of the industry, and it will also always hold a special place in many traders’ hearts. Meanwhile, it continues to be one of the most amazing forex brokers you will ever come across. FXTM is arguably the the best forex broker in Nigeria.
It would not be justice to start with any other forex broker. IQ Option has earned its place as one of the best forex brokers of 2019. IQ Option is a big name in the forex trading scene. If you have at any moment looked up forex trading online, you most likely must have come across the name IQ Option. There are a lot of adverts running around about IQ Option. None of our assertions and conclusions are based on adverts though. We’ve chosen IQ Option based on the services and trading experience that it offers it traders. It is the best forex broker in india. It could also be the best forex broker in middle east.
Being a top forex broker, IQ Option deserves a better introduction before we go delve further.
IQ Option is a forex broker from Cyprus. IQ Option LTD is the parent company, and it is registered in Cyprus. It started its operations in 2013, and has managed to become one of the most sought-after forex broker in less than a decade. That is no little feat. To further prove that it did not come to joke around, IQ Option has managed to attract over 20 million individual traders to its trading accounts. No other forex broker has a many individual traders on its platforms as IQ Option.
Now that you’ve been well-introduced to IQ Option, the next step is to find out what makes it such an Amazing forex broker. We’ll do that by exploring three of the most pertinent aspects you should take into account before deciding to work with a particular forex broker. We’ll find out what IQ Option has to offer on each of these fronts.
- IQ Option Trading Accounts
- IQ Option Regulation, Reputation, and Trust
- IQ Option Customer Service and Support
IQ Option Trading Accounts
Trading accounts is one of the front on which IQ Option impresses the most. IQ Option is quite unique in the sense that it does not have a long list of trading accounts. Actually, there are only two types of trading account to choose from on IQ Option. While some trader might feel like there’s no variety of IQ Option, we can guarantee you that every type of trader is usually adequately catered to on IQ Option.
These are the two accounts.
- Standard account
- VIP account
IQ Option has gone to great lengths to develop a trading platform that is ideal for both beginner and experienced traders. The standard account, for instance, is an account designed to make it easy for beginners to start trading forex and help them progress into being able to stake high amounts, navigate through the risks involved, and possibly make a profit.
Let’s delve a little bit deeper into what the IQ Option standard account is all about.
First, for you to access that standard account, you need to deposit a minimum of $10. Without a doubt, $10 is an amount that anyone who has the capacity to trade forex can afford. Also, that’s arguably the lowest amount asked for as minimum deposit in the industry. The low minimum deposit is one of the ways in which IQ Option makes it easy for beginner traders to get started.
We’ve had our own experience with the IQ Option standard account, and we can confirm that it is a resourceful trading account. It has all the basic trading tools that any trader need to be able to make a profit on the forex market. Whether you want to trade with low stakes and minimal risks, or with large stakes and more leverage, the account is quite flexible and allows enough room to maneuver in whichever way you feel comfortable.
What about the VIP account?
The VIP account is basically still the standard account, only with a couple of privileges and special support. For instance, you will be given an account manager and some market reports. These can help you with coming up with a trading strategy or making predictions of the market. The VIP account is accessed by deposit a minimum of $1900 or attaining a trading volume of $1500. If you can afford it, the perks that comes with the VIP account will certainly put you in a better position to get some profit from your trading efforts.
IQ Option Regulation, Reputation, and Trust.
The last thing you need is to start trading a particular broker just because you found it listed somewhere as one of the best, only to find out that it has a bad reputation. You need to work with a broker that you can trust. Before we talk of issues to do with reputation and trust, let’s explore IQ Option’s regulation. The regulation of a forex broker is the beginning of its reputation and trust discussions.
We’ve already mentioned that IQ Option Ltd is from Cyprus. It, therefore, follows that it is regulated by CySec. IQ Option also has trading certificates from FCA, and ESMA. These regulations mean that every move that IQ Option makes it closely monitored, and the traders on its platforms are protected. Even without the effect of regulation, IQ Option has established itself as a trustworthy forex broker. We are yet to comes across any complaints about IQ Option’s operations.
IQ Option Customer Support and Service
It is quite interesting to trade on IQ Option. IQ Option offers a lot of trading support to its traders. One of the most notable form of support offered by IQ Option is the demo account. The IQ Option demo account is designed to provide the best head start into forex trading. The account is loaded with virtual funds, and it allows traders to practice forex trading without taking too much risks.
IQ Option also ensures that it has a customer care department that is always available. The IQ Option customer department are always quite swift in responding to customer concerns and solving their problems. You can trade comfortably on IQ Option knowing you have someone to take care of you whenever things are not going right. It is arguably the best broker for forex trading.
We haven’t touch on everything about IQ Option. We just touched the tip of the iceberg. There is a lot more to learn and talk about, about IQ Option. That being said, it should be quite evident that IQ Option is a broker that gives you and edge while trading forex. Regardless of where you are trading from, you would certainly enjoy trading on IQ Option. IQ Option is the best forex brokers for beginners 2019. It is also the best forex broker in the Philippines. IQ Option is still one of the best forex brokers with low minimum deposit 2019.
We’ll cap of the review with Forex.com, not because it is any less of a forex broker that those outlined above, but also because it is also one of the best forex brokers available in the industry. Forex.com is a popular forex broker, and its popularity stems from its incredible forex brokerage services. Forex.com boasts of what is arguably the best trading terms you can get in the industry.
Before carrying on with the Forex.com hype, here is a brief introduction of Forex.com.
The Parent company operating forex.com was is from the USA, and it started its operations in 2001. That means forex.com is among the pioneers of the industry. Apart from that, the company is publicly traded in the New York Stock Exchange. That implies that it is a strong company with deep liquidity. It means that your trades will always be executed instantly. It is arguably the best forex brokers for us clients. It is also the best forex broker in canada.
There are many reasons why you should be happy about trading on Forex.com. We are going to elaborate on them a little bit more.
Forex.com Trading Accounts
Forex.com, being a forex broker developed in the US, is unique in many ways. Trading accounts are one of the fronts on which it is very Unique. Forex.com has four types of trading account, but they are quite similar. The differences are quite subtle, and they are based on how the ownership structure of the account, and how they are operated. Take a look at the list of trading accounts below.
- Individual account
- Joint account
- Corporate account
- Sharia account
The trading accounts above are quite simple and elaborate. The individual account is designed for single person. The joint account is for more than one person, while the corporate account is for a legal entity. The sharia account is made for Muslim traders. All these accounts require a minimum deposit of $50. That’s one of the most unique aspects of forex.com. There are no special trading accounts, or special support for any traders. All traders are accorded the same kind of attention and support.
We should also mention that there is a demo account on Forex.com. The Forex.com demo account is specially designed to ensure you get a good introduction to forex trading. The demo account has virtual funds, so you won’t be trading with real money. However, it is quite similar to a real trading account, and it will give you the perfect preparation for what to expect while trading on a real trading account. Forex.com is the best forex broker for day trading.
Forex.com Regulation, Reputation and Trust.
Forex.com’s reputation and trust have never been in question. For the two decades it has been offering its services, it has always been above and beyond trust and reputation issues. Its position as a top forex broker is quite solid. One of the major reasons is because of its regulation by CFTC, and the kind of regulations that it operates under.
We’ve mentioned that Forex.com is from the US. The Commodities Futures Trading Commission (CFTC), is the main regulatory authority in the US. CFTC is also known to have the most protective regulations. Any trader that is protected by CFTC can rest assured that their funds are protected, and they are protected from exploitation by brokers.
The bottom line remains that Forex.com is one of the most trustworthy brokers you can trader with. It services have also always been above board. We’ve have come across any forex.com trader complaining about mediocre services.
Forex.com Customer Support and Service
Forex.com knows customer service is one of the fronts on which forex brokers are able to attract forex brokers onto their platforms. Forex.com offers ample trading support to all its traders. As mentioned above, all traders on the forex.com trading platform are accorded the same support. Forex.com support comes in the form of trading tip, and market reports. The Forex.com demo account is also another form of trading support.
The other thing is the forex.com customer service. Its customer care agents are always available and will ensure that you have everything you need while trading. In case you run into challenges while trading, you can contact them and they’ll be quite swift in solving you challenge.
Discussions about Forex.com are always quite exciting. We could take this discussion further and further. One thing is for sure though, Forex.com is a forex broker that anyone would be glad to work with. It has all the features a serious forex trader would be looking for. Forex.com will continue to be one of the best forex brokers it keeps being one of the standard-setters in the industry. It is certainly the best forex broker in usa.
These three forex brokers have certainly cemented their place among the best forex brokers of 2019. We are confident that any of these forex broker could take you to the next level in your trading efforts.