Top 10 Forex Brokers Guide 2016

The Definitive Guide to the Top 10 Forex Brokers in 2016

Rank
Broker
US Traders
Broker Rating
Spreads*
Regulation
Type*
Min. Deposit
Leverage*
Bonus
Platforms
Visit Site

1
EUR/USD:
1
GBP/USD:
2
USD/JPY:
1
USD/CHF:
2
FCA, CySEC
Market Maker + ECN
$5
888:1
$2000 Bonus
MetaTrader 4
XEM WebTrader
XEM iPhone app
XEM iPad app
XEM Droid app
2
EUR/USD:
3
GBP/USD:
3
USD/JPY:
3
USD/CHF:
3
CySEC
Market Maker + ECN
$100
200:1
$2000 Bonus
MarketTrader
Market WebTrader
Market AutoTrader
MetaTrader 4
Mobile Trading
3
EUR/USD:
3
GBP/USD:
3
USD/JPY:
3
USD/CHF:
4
ASIC, Ireland
Market Maker
$100
200:1
$1200 Bonus
AvaTrader
JavaTrader
MirrorTrader
MetaTrader 4
Mobile Trading
4.
EUR/USD:
2
GBP/USD:
3
USD/JPY:
2
USD/CHF:
3
CySEC
ECN
$25
200:1
Personal Training
TradeDesk
EasyForex WebTrading
MetaTrader 4
Mobile Trading
5.
EUR/USD:
2
GBP/USD:
4
USD/JPY:
2
USD/CHF:
4
FCA
ECN
$25
50:1
Free Trading Account
Plus500 WebTrader
Plus500 WindowsTrader
iPhone/iPad App
Mobile Trading
6.
EUR/USD:
2
GBP/USD:
3
USD/JPY:
3
USD/CHF:
3
N/A
Market Maker
$100
200:1
30% Bonus
ParagonEX Trader
7.
EUR/USD:
3
GBP/USD:
3
USD/JPY:
3
USD/CHF:
3
CySEC
Market Maker + ECN
$100
200:1
$2000 Bonus
InstaTrader
ECTrader Lite
ECWeb Trader
ECPro Auto Trader
Mobile Trading
8.
EUR/USD:
3
GBP/USD:
3
USD/JPY:
4
USD/CHF:
3
RAFMM
ECN
$1
1000:1
Sports Car Raffles
MetaTrader 4
Mobile Trading
9.
EUR/USD:
0.6
GBP/USD:
1.8
USD/JPY:
0.6
USD/CHF:
1.8
NFA
Market Maker + ECN
$200
50:1
Free Signals
ActTrader
ExpressFX
MirrorTrader
Rumus
Metrader 4
10.
EUR/USD:
1.3
GBP/USD:
1.3
USD/JPY:
1.3
USD/CHF:
1.3
FCA, NFA
Market Maker + ECN
$250
200:1
5% Bonus
FOREXTrader PRO
FOREXTrader Web
MetaTrader 4
Mobile Trading

1 Spreads: The spreads above are estimates and may vary according to which trading platform one is using, what type of account one signs up for and when one is trading.
2 Type: Brokers may in some cases operate in either an ECN or Market Maker capacity depending on the type of trading account one opens.
3 Leverage: The amount of leverage may vary according to a trader's geographic location and/or residency. By law, traders in the US may only trade with leverage up to 50:1.
4 Note: Every effort has been made to ensure that this table is factually accurate but for reasons that are beyond our control, this information may be subject to change at any moment and therefore no guarantee is made of its veracity.

Online Forex Broker Overview


Welcome to ForexNewsNow's comprehensive foreign exchange broker guide.

The broker guide below concisely lays out the essential features of some of the most well-established online forex brokers. The guide covers what we consider to be the most important aspects of a broker's trading services including how long the broker has been in operation, the spreads the broker offers on the majors, what trading platforms the broker offers and more. Please share the guide if you've found it useful!

The forex market is the world's biggest financial market. It is open 24-hours a day, 7 days a week, and offers and exciting chance for many traders to get started trading financial instruments. Every year brings more and more participants to the already crowded forex broker ranks. For the new trader, choosing the right broker can be a daunting process. If you're having trouble deciding, here are a few things you should look at to find the best forex broker for you.

Spreads


One of the most important things to look at with any online forex broker is the spreads that they offer on the currencies that you plan on trading. Spreads on major currency pairs, like the EUR/USD or the USD/JPY should generally never be above three pips.

One thing to watch out for when you read forex broker reviews is if the spreads are fixed or if they vary throughout the day. Some brokers will have very low spreads only to increase them around news and other volatile events. Coincidentally, these are some of the most profitable times to trade depending on your system and the increased spreads can take a significant amount of your profit!

Regulation


Every online forex broker needs to be regulated by a financial regulatory body. These will differ depending on the country that the broker is based in. The NFA in the USA and the FCA in the UK are the two best known regulatory agencies. Regulations make sure that you money is safe, the broker is liquid, and your deposit is not in danger of being lost.

US residents need to pay close attention to this because many brokers don't accept US customers because they aren't regulated by and don't follow many of the rules the NFA has set forth.

Leverage and Margin Requirements


Every broker will also have different leverage and margin requirements. Depending on your online forex broker, you can trade with anything from 2:1 to 400:1 leverage.

Trading with higher leverage will increase your profits, but it also greatly increases the risk that you have of losing money. If the market turns against you and you don't have enough money in your account, you can also end up stopped out of a trade very quickly due to losses if you trade with too much leverage. Always make sure that you broker allows you to trade with an amount of leverage that you are comfortable with.

Platform


The platform of any forex broker is also incredibly important. The platform should be clean and easy to use, but it should also put all the information that you need right at your fingertips. For most traders, this means access to charting tools and news and other information, as well as the ability to trade right from the chart. Some brokers may also need to find platforms that let them write complicated automated trading programs, or just run other people's complicated trading programs.

The platform can really make or break your profitability, so make sure that you find one that works for you.

Slippage


Slippage is an incredibly important thing to watch out for in any forex broker. In forex, slippage is when a limit order or stop loss is executed at a worse rate than originally set in the order and often results in decreased trading profits.

While some slippage is to be expected during periods of market volatility, some unsavory brokers will use it as an excuse to make extra profit off of their traders. Always read forex broker reviews to see if there is a suspect amount of slippage.

Deposit and Withdrawal


Deposits and withdrawals with any forex brokers should be quick and be offered through a wide variety of payment methods to ensure an easy deposit and withdrawal process. Pay attention to what payment methods the broker offers and how long the withdrawal period is for each. You may also want to inquire about any potential fees that are charged for each payment method.

Customer Support


With the forex market, you can trade at any time of the day or night. So if you run into problems when you're trading in the wee hours of the morning you want to be sure that someone will be there to help you. Customer service at the forex broker you choose should be available at all times and also reachable by a variety of methods. Nearly all forex brokers have representatives available via phone, live chat, and email.

Bonuses


Finally, bonuses are a nice little side benefit for signing up for a new forex site. Before you deposit though, always read the terms and conditions of the bonus. In most cases, you won't be able to withdrawal the bonus, and in some cases even your initial deposit, until certain trading requirements are met.